Eton Pharmaceuticals Financials

ETON

Source SEC Filings (10-K/10-Q) Updated Mar 19, 2026 Currency USD FYE March

This page shows Eton Pharmaceuticals (ETON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 35/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Eton Pharmaceuticals has an operating margin of -25.7%, meaning the company retains $-26 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -6.7% the prior year.

Growth

Eton Pharmaceuticals's revenue declined 91.6% year-over-year, from $39.0M to $3.3M. This contraction results in a growth score of 0/100.

Leverage

Eton Pharmaceuticals carries a low D/E ratio of 0.83, meaning only $0.83 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Eton Pharmaceuticals's current ratio of 1.57 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 27/100, which could limit financial flexibility.

Cash Flow

100

Eton Pharmaceuticals converts 310.1% of revenue into free cash flow ($10.2M). This strong cash generation earns a score of 100/100.

Returns

Eton Pharmaceuticals generates a -17.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -15.7% the prior year.

Piotroski F-Score Neutral

5/9

Eton Pharmaceuticals passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-2.29x

For every $1 of reported earnings, Eton Pharmaceuticals generates $-2.29 in operating cash flow ($10.5M OCF vs -$4.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-0.2x

Eton Pharmaceuticals earns $-0.2 in operating income for every $1 of interest expense (-$844K vs $4.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$3.3M

YoY-91.6%

5Y CAGR+142.7%

Eton Pharmaceuticals generated $3.3M in revenue in fiscal year 2025. This represents a decrease of 91.6% from the prior year.

EBITDA

$3.2M

YoY+320.5%

Eton Pharmaceuticals's EBITDA was $3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 320.5% from the prior year.

Net Income

-$4.6M

YoY-20.4%

Eton Pharmaceuticals reported -$4.6M in net income in fiscal year 2025. This represents a decrease of 20.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$10.2M

YoY+980.7%

Eton Pharmaceuticals generated $10.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 980.7% from the prior year.

Cash & Debt

$25.9M

YoY+73.7%

5Y CAGR+4.0%

Eton Pharmaceuticals held $25.9M in cash against $21.8M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

27M

YoY+2.2%

5Y CAGR+2.3%

Eton Pharmaceuticals had 27M shares outstanding in fiscal year 2025. This represents an increase of 2.2% from the prior year.

Margins & Returns

Gross Margin

74.9%

YoY+14.9pp

5Y CAGR+1092.8pp

Eton Pharmaceuticals's gross margin was 74.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 14.9 percentage points from the prior year.

Operating Margin

-25.7%

YoY-19.0pp

5Y CAGR+69489.7pp

Eton Pharmaceuticals's operating margin was -25.7% in fiscal year 2025, reflecting core business profitability. This is down 19.0 percentage points from the prior year.

Net Margin

-140.0%

YoY-130.2pp

5Y CAGR+71577.9pp

Eton Pharmaceuticals's net profit margin was -140.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 130.2 percentage points from the prior year.

Return on Equity

-17.6%

YoY-1.9pp

5Y CAGR+141.1pp

Eton Pharmaceuticals's ROE was -17.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$7.8M

YoY+138.6%

5Y CAGR-11.3%

Eton Pharmaceuticals invested $7.8M in research and development in fiscal year 2025. This represents an increase of 138.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$333K

YoY+1180.8%

5Y CAGR+46.1%

Eton Pharmaceuticals invested $333K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1180.8% from the prior year.

ETON Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.3M-91.6%	$39.0M+23.3%	$31.6M+48.9%	$21.3M-2.7%	$21.8M+55879.5%	$39K
Cost of Revenue	$825K-94.7%	$15.6M+47.4%	$10.6M+52.6%	$6.9M+145.2%	$2.8M+548.4%	$436K
Gross Profit	$2.5M-89.5%	$23.4M+11.2%	$21.1M+47.1%	$14.3M-24.7%	$19.0M+4887.2%	-$397K
R&D Expenses	$7.8M+138.6%	$3.3M-2.0%	$3.3M-16.9%	$4.0M-35.9%	$6.2M-55.8%	$14.1M
SG&A Expenses	$35.8M+57.4%	$22.8M+20.2%	$18.9M+1.9%	$18.6M+30.3%	$14.3M+13.1%	$12.6M
Operating Income	-$844K+67.5%	-$2.6M-117.9%	-$1.2M+85.6%	-$8.3M-452.5%	-$1.5M+94.5%	-$27.1M
Interest Expense	$4.8M+138.5%	$2.0M+89.2%	$1.1M+11.0%	$955K-8.3%	$1.0M+17.9%	$884K
Income Tax	$43K+186.7%	$15K-93.9%	$247K	$0	$0	N/A
Net Income	-$4.6M-20.4%	-$3.8M-308.4%	-$936K+89.6%	-$9.0M-361.4%	-$2.0M+93.0%	-$28.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$22.5M+18.7%	$18.9M+9.5%	$17.3M+48.4%	$11.6M+12.8%	$10.3M+13.8%	$9.1M+13.9%	$8.0M+8.9%	$7.3M
Cost of Revenue	$14.6M+108.5%	$7.0M-5.6%	$7.4M+43.5%	$5.2M+28.6%	$4.0M+16.6%	$3.4M+16.5%	$3.0M-19.7%	$3.7M
Gross Profit	$7.9M-34.1%	$11.9M+20.9%	$9.9M+52.3%	$6.5M+2.8%	$6.3M+12.0%	$5.6M+12.4%	$5.0M+37.9%	$3.6M
R&D Expenses	$1.1M-70.0%	$3.7M+219.7%	$1.2M+233.3%	-$871K-272.5%	$505K-83.0%	$3.0M+356.2%	$651K-37.8%	$1.0M
SG&A Expenses	$8.1M-16.3%	$9.7M+5.6%	$9.2M+36.5%	$6.7M+27.0%	$5.3M-5.4%	$5.6M+8.4%	$5.2M+12.7%	$4.6M
Operating Income	-$1.4M+7.6%	-$1.5M-213.8%	-$470K-174.7%	$629K+23.6%	$509K+117.3%	-$2.9M-266.9%	-$800K+59.9%	-$2.0M
Interest Expense	$1.2M	N/A	$1.2M	N/A	$211K	N/A	$238K	N/A
Income Tax	-$28K-142.4%	$66K-10.8%	$74K-14.9%	$87K+169.0%	-$126K-333.3%	$54K	$0-100.0%	$247K
Net Income	-$1.9M+25.5%	-$2.6M-64.4%	-$1.6M-162.9%	-$598K-195.4%	$627K+120.6%	-$3.0M-275.0%	-$811K+64.1%	-$2.3M
EPS (Diluted)	$-0.07	N/A	N/A	N/A	$0.02+116.7%	$-0.12-300.0%	$-0.03	N/A

ETON Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$92.1M+21.0%	$76.1M+139.8%	$31.7M+26.8%	$25.0M-8.9%	$27.5M+4.4%	$26.3M
Current Assets	$60.6M+47.7%	$41.0M+52.8%	$26.8M+34.2%	$20.0M-15.3%	$23.6M-4.4%	$24.7M
Cash & Equivalents	$25.9M+73.7%	$14.9M-30.2%	$21.4M+31.2%	$16.3M+13.2%	$14.4M-32.4%	$21.3M
Inventory	$15.4M+1.2%	$15.2M+1572.0%	$911K+63.6%	$557K+1.3%	$550K-55.7%	$1.2M
Accounts Receivable	$11.8M+119.3%	$5.4M+57.2%	$3.4M+84.2%	$1.9M-66.1%	$5.5M+11297.9%	$48K
Goodwill	$16K	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$66.0M+27.6%	$51.7M+217.9%	$16.3M+36.1%	$12.0M+21.5%	$9.8M-7.7%	$10.7M
Current Liabilities	$38.5M+93.0%	$19.9M+22.8%	$16.2M+151.4%	$6.5M+41.8%	$4.6M+20.1%	$3.8M
Long-Term Debt	$21.8M-27.0%	$29.8M	$0-100.0%	$5.4M+2.3%	$5.3M-19.4%	$6.5M
Total Equity	$26.2M+7.1%	$24.4M+57.8%	$15.5M+18.3%	$13.1M-25.8%	$17.6M0.0%	$17.6M
Retained Earnings	-$112.5M-4.3%	-$107.9M-3.7%	-$104.1M-0.9%	-$103.1M-9.6%	-$94.1M-2.1%	-$92.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$104.5M+2.8%	$101.7M+21.0%	$84.0M+10.4%	$76.1M+112.4%	$35.8M+12.6%	$31.8M+3.3%	$30.8M-3.0%	$31.7M
Current Assets	$72.0M+5.2%	$68.4M+37.0%	$50.0M+21.8%	$41.0M+37.9%	$29.7M+17.0%	$25.4M+4.8%	$24.3M-9.6%	$26.8M
Cash & Equivalents	$37.1M+46.3%	$25.4M+45.7%	$17.4M+16.6%	$14.9M-26.3%	$20.3M+14.5%	$17.7M+6.2%	$16.7M-22.1%	$21.4M
Inventory	$16.9M-29.2%	$23.8M+74.7%	$13.6M-10.6%	$15.2M+686.0%	$1.9M-6.3%	$2.1M-10.8%	$2.3M+154.4%	$911K
Accounts Receivable	$13.1M-9.5%	$14.5M-11.9%	$16.4M+205.9%	$5.4M-4.1%	$5.6M+14.7%	$4.9M+14.9%	$4.2M+24.3%	$3.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$81.4M+4.7%	$77.7M+30.4%	$59.6M+15.3%	$51.7M+160.3%	$19.9M+8.2%	$18.4M+20.0%	$15.3M-5.9%	$16.3M
Current Liabilities	$44.2M+14.5%	$38.6M+52.3%	$25.4M+27.1%	$19.9M+1.1%	$19.7M+8.3%	$18.2M+19.1%	$15.3M-5.8%	$16.2M
Long-Term Debt	$27.6M+0.7%	$27.4M-8.6%	$30.0M+0.6%	$29.8M	N/A	N/A	N/A	$0
Total Equity	$23.1M-3.5%	$24.0M-2.0%	$24.4M+0.1%	$24.4M+52.9%	$16.0M+18.7%	$13.5M-13.1%	$15.5M+0.1%	$15.5M
Retained Earnings	-$114.0M-1.7%	-$112.0M-2.4%	-$109.5M-1.5%	-$107.9M-0.6%	-$107.3M+0.6%	-$107.9M-2.9%	-$104.9M-0.8%	-$104.1M

ETON Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$10.5M+986.1%	$969K-85.8%	$6.8M+41.4%	$4.8M+202.1%	-$4.7M+78.9%	-$22.3M
Capital Expenditures	$333K+1180.8%	$26K	$0-100.0%	$38K+322.2%	$9K-82.0%	$50K
Free Cash Flow	$10.2M+980.7%	$943K-86.2%	$6.8M+42.5%	$4.8M+201.1%	-$4.7M+78.9%	-$22.4M
Investing Cash Flow	-$333K+99.2%	-$40.0M-5063.1%	-$775K+72.2%	-$2.8M-8.9%	-$2.6M-5018.0%	-$50K
Financing Cash Flow	$815K-97.5%	$32.6M+3505.7%	-$957K-614.2%	-$134K-134.3%	$391K-98.8%	$31.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$12.0M+51.1%	$8.0M+280.8%	$2.1M+373.2%	-$765K-125.9%	$3.0M+135.2%	$1.3M+150.7%	-$2.5M-739.0%	$387K
Capital Expenditures	$284K	$0	$0-100.0%	$12K	$0	$0-100.0%	$14K	$0
Free Cash Flow	$11.7M+47.5%	$8.0M+280.8%	$2.1M+369.0%	-$777K-126.3%	$3.0M+135.2%	$1.3M+150.5%	-$2.5M-742.6%	$387K
Investing Cash Flow	-$284K	$0	$0+100.0%	-$38.1M	$0	$0+100.0%	-$1.9M-142.8%	-$775K
Financing Cash Flow	$0	$0-100.0%	$394K-98.8%	$33.6M+8820.0%	-$385K-78.2%	-$216K+42.9%	-$378K-28.6%	-$294K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ETON Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	74.9%+14.9pp	60.0%-6.6pp	66.6%-0.8pp	67.4%-19.7pp	87.1%+1105.0pp	-1018.0%
Operating Margin	-25.7%-19.0pp	-6.7%-2.9pp	-3.8%+35.1pp	-38.9%-32.0pp	-6.9%+69508.5pp	-69515.4%
Net Margin	-140.0%-130.2pp	-9.8%-6.8pp	-3.0%+39.5pp	-42.4%-33.5pp	-8.9%+71709.0pp	-71717.9%
Return on Equity	-17.6%-1.9pp	-15.7%-9.6pp	-6.0%+62.9pp	-69.0%-57.9pp	-11.1%+147.6pp	-158.7%
Return on Assets	-5.0%+0.0pp	-5.0%-2.1pp	-2.9%+33.1pp	-36.0%-28.9pp	-7.1%+99.1pp	-106.3%
Current Ratio	1.57-0.5	2.06+0.4	1.65-1.4	3.10-2.1	5.18-1.3	6.51
Debt-to-Equity	0.83-0.4	1.22+1.2	0.00-0.4	0.41+0.1	0.30-0.1	0.37
FCF Margin	310.1%+307.7pp	2.4%-19.1pp	21.5%-1.0pp	22.5%+44.2pp	-21.7%+57404.0pp	-57425.6%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	35.0%-28.0pp	63.0%+5.9pp	57.1%+1.5pp	55.6%-5.4pp	61.0%-1.0pp	62.0%-0.8pp	62.8%+13.2pp	49.6%
Operating Margin	-6.1%+1.7pp	-7.8%-5.1pp	-2.7%-8.1pp	5.4%+0.5pp	4.9%+37.3pp	-32.4%-22.3pp	-10.0%+17.2pp	-27.3%
Net Margin	-8.6%+5.1pp	-13.7%-4.6pp	-9.1%-4.0pp	-5.1%-11.2pp	6.1%+39.6pp	-33.5%-23.3pp	-10.2%+20.7pp	-30.9%
Return on Equity	-8.3%+2.5pp	-10.8%-4.4pp	-6.4%-4.0pp	-2.5%-6.4pp	3.9%+26.5pp	-22.6%-17.4pp	-5.2%+9.4pp	-14.6%
Return on Assets	-1.8%+0.7pp	-2.5%-0.7pp	-1.9%-1.1pp	-0.8%-2.5pp	1.8%+11.3pp	-9.6%-6.9pp	-2.6%+4.5pp	-7.1%
Current Ratio	1.63-0.1	1.77-0.2	1.97-0.1	2.06+0.5	1.51+0.1	1.40-0.2	1.59-0.1	1.65
Debt-to-Equity	1.19+0.0	1.14-0.1	1.230.0	1.22-0.0	1.24-0.1	1.36+0.4	0.99+1.0	0.00
FCF Margin	52.3%+10.2pp	42.0%+30.0pp	12.1%+18.8pp	-6.7%-35.3pp	28.6%+14.8pp	13.8%+45.1pp	-31.2%-36.5pp	5.3%

Similar Companies

Kamada Ltd KMDA

$488.6M

Evolus EOLS

$262.2M

Emergent Biosolutions Inc EBS

$425.0M

Aquestive Therapeutics AQST

$504.0M

Esperion Therape ESPR

$670.3M

Frequently Asked Questions

What is Eton Pharmaceuticals's annual revenue?

Eton Pharmaceuticals (ETON) reported $3.3M in total revenue for fiscal year 2025. This represents a -91.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Eton Pharmaceuticals's revenue growing?

Eton Pharmaceuticals (ETON) revenue declined by 91.6% year-over-year, from $39.0M to $3.3M in fiscal year 2025.

Is Eton Pharmaceuticals profitable?

No, Eton Pharmaceuticals (ETON) reported a net income of -$4.6M in fiscal year 2025, with a net profit margin of -140.0%.

What is Eton Pharmaceuticals's EBITDA?

Eton Pharmaceuticals (ETON) had EBITDA of $3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Eton Pharmaceuticals have?

As of fiscal year 2025, Eton Pharmaceuticals (ETON) had $25.9M in cash and equivalents against $21.8M in long-term debt.

What is Eton Pharmaceuticals's gross margin?

Eton Pharmaceuticals (ETON) had a gross margin of 74.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Eton Pharmaceuticals's operating margin?

Eton Pharmaceuticals (ETON) had an operating margin of -25.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Eton Pharmaceuticals's net profit margin?

Eton Pharmaceuticals (ETON) had a net profit margin of -140.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Eton Pharmaceuticals's return on equity (ROE)?

Eton Pharmaceuticals (ETON) has a return on equity of -17.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Eton Pharmaceuticals's free cash flow?

Eton Pharmaceuticals (ETON) generated $10.2M in free cash flow during fiscal year 2025. This represents a 980.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Eton Pharmaceuticals's operating cash flow?

Eton Pharmaceuticals (ETON) generated $10.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Eton Pharmaceuticals's total assets?

Eton Pharmaceuticals (ETON) had $92.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Eton Pharmaceuticals's capital expenditures?

Eton Pharmaceuticals (ETON) invested $333K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Eton Pharmaceuticals spend on research and development?

Eton Pharmaceuticals (ETON) invested $7.8M in research and development during fiscal year 2025.

How many shares does Eton Pharmaceuticals have outstanding?

Eton Pharmaceuticals (ETON) had 27M shares outstanding as of fiscal year 2025.

What is Eton Pharmaceuticals's current ratio?

Eton Pharmaceuticals (ETON) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.

What is Eton Pharmaceuticals's debt-to-equity ratio?

Eton Pharmaceuticals (ETON) had a debt-to-equity ratio of 0.83 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Eton Pharmaceuticals's return on assets (ROA)?

Eton Pharmaceuticals (ETON) had a return on assets of -5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Eton Pharmaceuticals's Piotroski F-Score?

Eton Pharmaceuticals (ETON) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Eton Pharmaceuticals's earnings high quality?

Eton Pharmaceuticals (ETON) has an earnings quality ratio of -2.29x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Eton Pharmaceuticals cover its interest payments?

Eton Pharmaceuticals (ETON) has an interest coverage ratio of -0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Eton Pharmaceuticals?

Eton Pharmaceuticals (ETON) scores 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.